RBI Governor Shaktikanta Das to meet heads of PSBs, private banks

Newly appointed Reserve Bank of India governor Shaktikanta Das interacts with the media at the RBI headquarters in Mumbai

The central board of the Reserve Bank of India (RBI) under new Governor Shaktikanta Das will meet on Friday where the directors are likely to push for greater say in the decision making of the central bank.

Das ensured that he would take adequate measures which the economy requires in a timely manner, adding that he will be meeting public sector bank chiefs in the near future.

The relaxation sought for weak banks under the PCA framework may take longer than anticipated as the matter was referred in the previous meeting to the board of financial supervision that is headed by the RBI governor, said a person familiar with the development.

He refused to answer questions on the alleged disagreement between the government and the central bank.

Mumbai: Saying the Centre has not destroyed "the Reserve Bank of India (RBI) as an institution", Union minister Nitin Gadkari asserted that the apex bank is part and parcel of the government.

As economic affairs secretary from 2015 to 2017, Das has worked closely with the central bank. So, there are several areas which central bank has to be dealing with and so we will focus on those areas.

The government stand that significant decisions should be discussed at the board level has been viewed as a proposal to transform RBI into a board-managed company like corporates. "I will like to believe that all issues, howsoever contentious, can be resolved through discussions".

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"Wouldn't go into issues between RBI and government but every institution has to maintain its autonomy and also adhere to accountability", RBI Governor Das said.

"I will try and uphold professionalism, core values, credibility and autonomy of this institution".

Market participants are hopeful that the new governor will be more communicative and sympathetic to their concerns. He also claimed that it is only the banking segment that is facing several challenges now that need to be solved as soon as possible.

The governor was the face of one of the Narendra Modi government's most controversial policies - the abolition and replacement of high-value bank notes in an attempt to crack down on black money.

ALSO READ: Will "FinMin-insider" Shaktikanta Das be able to preserve RBI's autonomy?

According to banking circles, the issue of an interim divided (before budget) could crop up after RBI completes a limited audited review of numbers for the half-year ended December 31, 2018.

"The issue of liquidity also comes up in the media space and the public space from time to time".

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